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Credit Card Opt Out Mistakes on your credit
Little Known Secrets Will Show You How To Improve Your Credit Score!
Wherever your credit is currently, there are steps you can take to manage your credit score so that it’s as accurate and high as it can be. This can potentially save you thousands of dollars in unnecessary fees.
Credit Resource Corporation
Linda Ferrari, President of Credit Resource Corporation, is an expert on credit remediation. In this interview, Linda demystifies the credit scoring model and shares a number of strategies for quickly boosting a credit score.
Tim and Linda specifically address:
- How credit scores are calculated.
- Common consumer misconceptions about credit scores.
- What really causes credit scores to go up and down.
- How to quickly improve a credit score by 50 points or more.
- The difference between credit remediation and credit cleaning.
- How Credit Resource Corp. actually goes about improving consumer credit scores.
The math behind your credit scoring:
35% of score – Delinquencies
30 days, 60 days, and 90 days late
30% of score - Balance on Cards
Keeping your card balance below 30% of the credit amount given to you will improve your score. Anything above that can hurt your credit score.
15% of score - Length of Credit History
This helps the lender determine how long you have had credit and the history behind that credit.
10% of score- Mix of Credit Types
An example of a good mix would be a mortgage, a car loan and 3-5 credit cards.
10% of score- Hard Inquires
Hard Inquiry – when your credit is pulled for the purpose to obtain more credit
Soft Inquiry – does not count against your score. Ex; looking for employment,
your current creditors doing an annual check-up, or you pulling your own credit.
Why Would My Data Be Different at the Three Credit Bureaus?
Different lenders-such as credit-card companies, stores, finance companies, landlords, utility companies, etc.-report to different credit bureaus. Some report to all three; some to only one or two. So it's possible that each of the three bureaus might have different information about you.
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It's also quite possible that one or more of the three bureaus has incorrect information about some of your accounts. You can recieve one free credit report a year from each bureau. |
Equifax Information Services, LLC
PO Box 740241
Atlanta, GA 30374
800-685-1111
www.equifax.com
TransUnion LLC
Consumer Disclosure Center
PO Box 1000
Chester, PA 19022
800-888-4213
800-916-8800
www.tuc.com
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Mistakes on your Credit Report?
 1. The first thing to do is get a copy of your credit report from each of the three major CRAs: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com.
2 In a written letter, (Sample Credit Bureau Letter)tell the CRA what information you believe to be inaccurate. Include copies (not originals) of documents that support your position. Provide your complete name and address, identify each item in your report you dispute, and request deletion or correction. Be sure to make copies of your dispute letter and enclosures.
3. Send your letter by certified mail, return receipt requested, so you can document what the CRA received.
4. The FCRA mandates that all CRAs reinvestigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the credit card company. After the credit card company receives notice of a dispute from the CRA, it must investigate, review all relevant information and report the results to the CRA.
5. If the disputed information is found to be inaccurate, the credit card company must notify all nationwide CRAs so they can correct this information in your file. Disputed information that cannot be verified must be deleted from your file.
6. When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the credit card company verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the credit card company.
7. In addition to the CRA, you should also write to the credit card company about the error. Again, include copies of documents that support your dispute. If you are correct — meaning the information you disputed is found inaccurate — the credit card company cannot use it again. Further, at your request, the CRA must send notices of corrections to anyone who received your report in the past six months.
Stop junk mail and watch your credit score improve!
Under the Fair Credit Reporting Act, the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you. The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers and save your credit.
Opt Out
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